Q4'24 Business Update March 20, 2025 Creating advanced LiDAR and software[1] to enable the world's safest and smartest vehicles. Please refer to Footnotes on slide 4 for more detail. © 2025 Luminar Technologies, Inc. All rights reserved. | 2 Disclaimer & Cautionary Note Forward-looking statements This presentation of Luminar Technologies, Inc. ("Luminar" or the "company") includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private securities litigation reform ...

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $22.5 million, up 45% quarter-over-quarter and 2% year-over-year, primarily driven by higher sensor sales [46] - Gross profit for the quarter was $12.5 million on a GAAP basis and $14 million on a non-GAAP basis, marking a positive gross margin milestone [48][51] - Cash and liquidity at year-end was $233 million, including $183 million in cash and marketable securities [54] Business Line Data and Key Metrics Changes - Over 4,000 Iris sensors were shipped in Q4, with a total of over 9,000 for the calendar year, predominantly to Volvo [47] - The transition from Iris plus to Luminar Halo is expected to streamline operations and enhance efficiency [32][96] Market Data and Key Metrics Changes - The automotive market is experiencing a shift towards integrating LiDAR and advanced technologies, with many automakers planning to adopt these technologies by the end of the decade [12][44] - The Western automotive market is projected to account for 90% of global volume, positioning Luminar as a leader in this segment [23][81] Company Strategy and Development Direction - The company is focusing on a unified product platform with Luminar Halo, moving away from multiple product variants to enhance efficiency and reduce costs [34][43] - The strategy includes significant investments in technology and partnerships to drive mass adoption of LiDAR in the automotive industry [36][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the 2025 strategy, despite near-term industry challenges, and highlighted optimism about long-term market expansion [44][61] - The company anticipates modest revenue growth of 10% to 20% in 2025, driven by a forecasted increase in sensor shipments [61] Other Important Information - The company has entered into development contracts for Luminar Halo with two major automakers and secured a series production equivalent contract with a construction machinery manufacturer [60] - The transition to Luminar Halo is expected to improve unit economics compared to previous products [125] Q&A Session Summary Question: Any news regarding the reference architecture for NVIDIA's Hyperion platform? - The company is in progress of shifting its customer base to Luminar Halo and expects to continue as the lead LiDAR sensor for NVIDIA's Hyperion platform [75] Question: Discuss the competitive dynamics, particularly regarding competitors in the sourcing processes. - The company noted significant development in the Chinese market but emphasized its position as a premium player in the Western market, focusing on safety and widespread adoption [81][85] Question: Can you elaborate on specific customer developments and expected contracts for SOP this year? - The company is working with key OEMs like Volvo and Nissan to establish milestones for the Luminar Halo product, aiming to have samples in customers' hands by year-end [92] Question: How will the transition to Luminar Halo impact current series production with Volvo? - The transition is not expected to materially impact current production, as the focus will shift to a single product, Luminar Halo, streamlining operations [96] Question: What is the expected cash burn and timeline for reaching profitability? - The company anticipates a cash burn of around $200 million in 2025, with profitability expected shortly after 2026, contingent on the successful market introduction of Halo [102][104]

分组1 - Luminar Technologies reported a quarterly loss of $1.42 per share, better than the Zacks Consensus Estimate of a loss of $1.65, and improved from a loss of $3 per share a year ago, resulting in an earnings surprise of 13.94% [1] - The company achieved revenues of $22.48 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 34.15%, and showing a slight increase from $22.11 million in the same quarter last year [2] - Luminar Technologies has surpassed consensus EPS estimates in all four of the last quarters, while it has topped consensus revenue estimates only once during the same period [2] 分组2 - The stock has increased approximately 34.6% since the beginning of the year, contrasting with a decline of 3.5% in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is -$1.50 on revenues of $17.16 million, and for the current fiscal year, it is -$6.25 on revenues of $101.01 million [7] - The Zacks Industry Rank for Automotive - Original Equipment is in the bottom 41% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - Revenue for Q4 was $22.5 million, up 45% quarter-over-quarter and 2% year-over-year, primarily driven by higher sensor sales [31][32] - Gross profit for the quarter was $12.5 million on a GAAP basis and $14 million on a non-GAAP basis, with positive gross margin achieved due to several factors including reversal of prior contract losses [33][34] - The company ended the year with $233 million in cash and liquidity, including $183 million in cash and marketable securities [36][37] Business Line Data and Key Metrics Changes - Over 4,000 Iris sensors were shipped in Q4, totaling over 9,000 for the calendar year, with the majority shipped to Volvo [32] - The transition from Iris to Luminar Halo is expected to streamline operations and enhance efficiency, focusing on a unified product platform [21][22] Market Data and Key Metrics Changes - The automotive industry is experiencing a shift towards integrating lidar and advanced technologies, with more automakers planning to adopt these technologies by the end of the decade [9][10] - The Western automotive market is projected to account for 90% of global lidar volume, positioning Luminar as a leader in this segment [15][58] Company Strategy and Development Direction - Luminar is focusing on a unified product platform with Luminar Halo, moving away from multiple product developments to streamline operations and reduce costs [21][22] - The company aims to capitalize on the growing demand for high-performance lidar solutions as the industry shifts towards level three autonomous driving capabilities [30][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term expansion of the lidar market despite near-term challenges, emphasizing the importance of safety and performance in vehicle technology [29][30] - The company is guiding for modestly negative gross margins in 2025, driven by lower sensor sales and production challenges, but expects to improve free cash flow through cost reduction efforts [41][43] Other Important Information - Luminar has invested nearly $2 billion over the past decade to develop its technology platform, which positions the company for future growth [24] - The company is actively exploring alternatives to mitigate tariff impacts on its products shipped from Mexico to the U.S. [45][82] Q&A Session Summary Question: Update on NVIDIA's Hyperion platform and Luminar's role - Management confirmed ongoing collaboration with NVIDIA and expects to continue as the reference lidar sensor for the Hyperion platform, highlighting the advantages of Luminar Halo [51][52] Question: Competitive dynamics in the lidar market, especially regarding Chinese suppliers - Management acknowledged rapid development in the Chinese lidar market but emphasized the differences in product requirements between Western and Eastern ecosystems, positioning Luminar as a premium player [55][58] Question: Specific customer development milestones for 2025 - Management indicated that detailed milestones are in place for key OEM customers, focusing on transitioning to Luminar Halo and maturing component subassemblies [66] Question: Impact of operational streamlining on Volvo series production - Management assured that the transition to a unified product focus would not materially impact current series production with Volvo [70] Question: Cash burn and profitability timeline - Management confirmed that cash burn might be around $200 million in 2025, with profitability expected shortly after 2026, contingent on successful market introduction of Luminar Halo [75][76] Question: Tariff risks and mitigation strategies - Management discussed ongoing evaluations of the tariff landscape and potential impacts on gross profit, emphasizing the company's global footprint as a strategic advantage [81][84]

Market Potential and Technology - The estimated Total Addressable Market (TAM) for ADAS & AV LiDAR is projected to reach approximately 197 million units by 2030[22]. - Luminar's technology roadmap includes the transition from the Model G-Series in 2017 to the Iris for series production in 2022, culminating in the Luminar Halo for mass adoption[48]. - Luminar's LiDAR-equipped vehicles are expected to avoid up to 25% more collisions compared to vehicles without Luminar equipment, enhancing mitigation power by up to 29%[29]. - Luminar's LiDAR systems provide reliable 3-D context and object detection, essential for safe autonomy, outperforming traditional camera/RADAR systems[24]. - The company emphasizes the importance of 1550nm wavelength technology, which offers better range and resolution while remaining eye-safe[43]. - Luminar's competitive advantage is reinforced by its end-to-end ecosystem, including proprietary software and semiconductor technology[21]. Production and Partnerships - Luminar plans to ramp production for Volvo and other partners post-SOP, while also focusing on reducing operational expenses and cost of goods sold (COGS)[50]. - The partnership with Volvo Cars continues to expand, with the Volvo ES90 model set for production in late 2025, following the successful launch of the EX90 in 2024[53]. - Luminar aims to accelerate the Luminar Halo to market, which is designed for scale and mass adoption by 2026[48]. - The Luminar Halo platform was successfully developed and produced fully integrated samples, demonstrating breakthrough capabilities in a low-cost package[59]. Financial Performance - Luminar's Q4'24 revenue reached $22.5 million, representing a 45% increase quarter-over-quarter and a 2% increase year-over-year, exceeding guidance[68]. - Total revenue for Q4 2024 was $22.484 million, a 1.7% increase from $22.114 million in Q4 2023[81]. - Gross profit for Q4 2024 was $12.478 million, compared to a gross loss of $21.571 million in Q4 2023[81]. - Luminar achieved a gross profit of $12.5 million in Q4'24, a significant improvement from a gross loss of $14.0 million in Q3'24[69]. - Non-GAAP gross profit for Q4 2024 was $14.041 million, compared to a non-GAAP gross loss of $(16.575) million in Q4 2023[85]. - The company reported a net cash increase from financing activities of $178.265 million for the year[83]. Cost Management and Future Projections - The company is targeting a 10% to 20% total revenue growth for FY'25, with an expected threefold increase in LiDAR shipments for series production year-over-year[72][77]. - Luminar plans to streamline operations by transitioning customers to the Luminar Halo platform, which is expected to reduce costs and accelerate the path to profitability[71]. - The company has implemented cost actions aimed at achieving approximately $80 million in annual run-rate savings by the end of FY'24, with a cumulative workforce reduction of over 30% since the restructuring plan began[66]. - Operating expenses decreased to $78.166 million in Q4 2024 from $127.021 million in Q4 2023, a reduction of approximately 38.4%[86]. Losses and Cash Flow - Net loss for Q4 2024 was $(44.222) million, an improvement from a net loss of $(148.401) million in Q4 2023[81]. - The company expects to incur a gross loss in the range of $(5) million to $(10) million per quarter through FY'25, on average[77]. - Cash used in operating activities for the year was $(276.052) million, compared to $(247.000) million in the previous year[83]. - The total cash flow from operations for the twelve months ended December 31, 2024, was $(276,052) thousand, compared to $(247,300) thousand for the previous year[89]. - Ending cash, cash equivalents, and restricted cash as of December 31, 2024, was $84.722 million[83]. Stock and Compensation - Total Stock-Based Compensation for Q4 2024 was $23,343 thousand, down from $47,101 thousand in Q4 2023[90]. - Total Amortization of Intangible Assets for Q4 2024 was $1,156 thousand, compared to $1,065 thousand in Q4 2023[90]. - The number of shares used in computing GAAP Net Loss per share for Q4 2024 was 35,020,843, an increase from 32,221,760 in Q4 2023[87]. - The GAAP Net Loss per Share for Q4 2024 was $(1.26), improving from $(4.61) in Q4 2023[87].

Luminar Technologies (LAZR) is set to report fourth-quarter 2024 results on March 20.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.For the fourth quarter of 2024, LAZR expects revenues to grow moderately relative to the third quarter of 2024, driven by growth in sensor sales, including the continued ramp of the Volvo EX90 as well as non-series production revenues.The Zacks Consensus Estimate for LAZR’s fourth-quarter revenues is pegged at $16.76 million, indicating a year-over-year ...

Company Performance - Luminar Technologies, Inc. closed at $5.17, reflecting a -1.9% change from the previous day, which is less than the S&P 500's daily loss of 1.78% [1] - Over the past month, shares of Luminar experienced a loss of 2.95%, outperforming the Auto-Tires-Trucks sector's loss of 15.76% and the S&P 500's loss of 3.48% [1] Upcoming Earnings Report - The company is set to release its earnings on March 20, 2025, with an expected EPS of -$2.20, indicating a 26.67% growth compared to the same quarter last year [2] - The consensus estimate for revenue is $16.76 million, which represents a 24.2% decrease compared to the previous year [2] Analyst Estimates and Rankings - Recent modifications to analyst estimates for Luminar Technologies are crucial as they reflect changing business trends, with positive revisions indicating analyst optimism [3] - The Zacks Rank system, which evaluates estimate changes, currently places Luminar Technologies at a rank of 3 (Hold) [5] - The Zacks Consensus EPS estimate has remained stagnant over the past month [5] Industry Context - Luminar Technologies operates within the Automotive - Original Equipment industry, which ranks 157th in the Zacks Industry Rank, placing it in the bottom 38% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

Company Performance - Luminar Technologies, Inc. (LAZR) closed at $5.20, reflecting a +1.17% change from the previous trading day's closing, which is less than the S&P 500's daily gain of 1.59% [1] - Over the last month, the company's shares have decreased by 3.75%, outperforming the Auto-Tires-Trucks sector's loss of 17.57% but underperforming the S&P 500's loss of 2.42% [1] Upcoming Earnings - The earnings report for Luminar Technologies, Inc. is scheduled for March 20, 2025, with a projected EPS of -$2.20, indicating a 26.67% increase compared to the same quarter of the previous year [2] - The consensus estimate for revenue is $16.76 million, which represents a decline of 24.2% from the prior-year quarter [2] Analyst Estimates - Recent adjustments to analyst estimates for Luminar Technologies, Inc. are crucial as they reflect the changing nature of near-term business trends, with positive revisions indicating a favorable outlook on the company's health and profitability [3] - The Zacks Rank system, which incorporates these estimate changes, aims to provide actionable ratings based on the performance of stocks [4] Zacks Rank and Industry Position - Luminar Technologies, Inc. currently holds a Zacks Rank of 3 (Hold), with the consensus EPS projection remaining stagnant over the past 30 days [5] - The Automotive - Original Equipment industry, part of the Auto-Tires-Trucks sector, has a Zacks Industry Rank of 166, placing it within the bottom 34% of over 250 industries, indicating weaker performance compared to higher-ranked industries [6]

Company Performance - Luminar Technologies, Inc. (LAZR) closed at $5.34, reflecting a +1.71% increase from the previous day, outperforming the S&P 500's daily gain of 0.53% [1] - Over the last month, the company's shares decreased by 2.42%, which is better than the Auto-Tires-Trucks sector's loss of 8.98% but underperformed compared to the S&P 500's gain of 1.24% [1] Earnings Expectations - The upcoming earnings report for Luminar Technologies is anticipated to show an EPS of -$2.20, representing a 26.67% improvement from the same quarter last year [2] - Revenue is expected to be $16.76 million, indicating a 24.2% decline compared to the corresponding quarter of the previous year [2] Analyst Forecasts - Recent revisions to analyst forecasts for Luminar Technologies are important as they reflect short-term business trends, with positive revisions indicating a favorable business outlook [3] - The Zacks Rank system, which incorporates these estimate changes, provides actionable ratings for investors [4] Zacks Rank and Industry Performance - Luminar Technologies currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate remaining unchanged over the last 30 days [5] - The Automotive - Original Equipment industry, part of the Auto-Tires-Trucks sector, has a Zacks Industry Rank of 168, placing it in the bottom 34% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

Company Performance - Luminar Technologies, Inc. closed at $5.25, reflecting a -1.78% change from the previous day, underperforming compared to the S&P 500's loss of 0.47% [1] - Over the last month, the company's shares decreased by 0.65%, outperforming the Auto-Tires-Trucks sector's loss of 7.82% but lagging behind the S&P 500's gain of 1.67% [1] Earnings Report Expectations - The upcoming earnings report is expected to show an EPS of -$2.20, which represents a 26.67% increase compared to the same quarter last year [2] - Revenue is anticipated to be $16.76 million, indicating a 24.2% decrease from the same quarter of the previous year [2] Analyst Forecasts - Recent revisions to analyst forecasts for Luminar Technologies are crucial as they reflect changing business trends [3] - Upward revisions in estimates indicate analysts' positive outlook on the company's operations and profit generation capabilities [3] Zacks Rank and Industry Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently rates Luminar Technologies at 3 (Hold) [5] - The Automotive - Original Equipment industry, part of the Auto-Tires-Trucks sector, has a Zacks Industry Rank of 164, placing it in the bottom 35% of over 250 industries [6]